Introduction:

Ladies and gentlemen, esteemed judges, and fellow debaters, today we stand before you to affirm the resolution that “The United States Federal Government should forgive all federal student loan debt.” We firmly believe that this action is not only necessary but also beneficial for our society as a whole. In this case, we will present academic evidence that supports our stance, highlighting the economic, social, and educational advantages of forgiving federal student loan debt.

Contention 1: Economic Stimulus

Forgiving federal student loan debt would provide a much-needed economic stimulus. According to a study conducted by the Levy Economics Institute of Bard College, canceling all student loan debt would increase real GDP by $86 billion to $108 billion per year over the next decade. This injection of funds into the economy would create jobs, boost consumer spending, and stimulate economic growth.

Furthermore, a report by the Roosevelt Institute suggests that student loan forgiveness would lead to increased homeownership rates. Currently, many young Americans are burdened by student loan debt, making it difficult for them to save for a down payment on a house. By eliminating this debt, individuals would have more disposable income, allowing them to invest in real estate, thereby revitalizing the housing market.

Contention 2: Social Equality and Mobility

Forgiving federal student loan debt is a crucial step towards achieving social equality and mobility. The burden of student loan debt disproportionately affects low-income individuals and communities of color. According to a study by the Brookings Institution, black college graduates are more likely to accumulate student loan debt than their white counterparts. This perpetuates the racial wealth gap and hinders social mobility.

By forgiving student loan debt, we can level the playing field and provide equal opportunities for all. A study published in the Journal of Labor Economics found that student loan debt reduces the likelihood of starting a business, particularly for individuals from disadvantaged backgrounds. By eliminating this financial burden, we can empower aspiring entrepreneurs and foster innovation, leading to a more dynamic and inclusive economy.

Contention 3: Educational Access and Affordability

Forgiving federal student loan debt would enhance educational access and affordability. The rising cost of higher education has deterred many talented individuals from pursuing a college degree. According to the National Center for Education Statistics, the average cost of tuition and fees at public four-year institutions has increased by 37% over the past decade. This trend has resulted in a decline in college enrollment rates, particularly among low-income students.

A study conducted by the National Bureau of Economic Research found that student loan debt negatively impacts educational attainment. High levels of debt discourage students from pursuing advanced degrees or attending graduate school. By forgiving student loan debt, we can remove this barrier and encourage more individuals to pursue higher education, leading to a more educated and skilled workforce.

Conclusion:

In conclusion, forgiving all federal student loan debt is a necessary and beneficial action for the United States Federal Government to undertake. The economic stimulus provided by debt forgiveness would boost GDP, create jobs, and revitalize the housing market. Additionally, forgiving student loan debt would promote social equality and mobility by reducing the racial wealth gap and empowering aspiring entrepreneurs. Lastly, it would enhance educational access and affordability, allowing more individuals to pursue higher education and contribute to a more skilled workforce.

By taking this bold step, we can alleviate the financial burden on millions of Americans, stimulate economic growth, and create a more equitable society. We urge you to affirm this resolution and support the future prosperity of our nation. Thank you.